Power EPC Market in India to Zoom at 21.9% CAGR, Reaching $45.36 Billion by 2029
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India power EPC market is flourishing because of an increasingly high demand for energy and power and the government’s supportive initiatives in providing electricity to its people across the regions.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India power EPC market size at USD 13.8 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India power EPC market size to grow at a robust CAGR of 21.94% reaching a value of USD 45.36 billion by 2029.
Major growth drivers for the India power EPC market include the growing industrial operations and the increasing number of government initiatives focused on providing electricity to every citizen in the country. Also, India power EPC market is further expected to be primarily influenced by the conventional thermal segment, encompassing coal, natural gas, and oil-based power generation, constituting approximately 62.2% of the nation's total energy capacity. However, advancements such as supercritical and ultra-supercritical coal power plants, combined with government endeavors to augment renewable energy sources, are expected to unlock numerous opportunities in the forthcoming period. This is further reinforced by the escalating number of power-related projects within the country, driving the India power EPC market's growth during the forecast period. However, regulatory challenges and funding constraints are anticipated to restrain the overall market growth during the forecast period.
India Power EPC Market – Overview
The India power EPC market refers to the sector in India that involves the Engineering, Procurement, and Construction (EPC) of power generation and distribution infrastructure. This market encompasses the planning, design, procurement of equipment and materials, and the construction of power plants, electrical grids, and related facilities necessary for the generation and distribution of electricity in India. It is a crucial sector that plays a vital role in meeting the energy needs of the country and is characterized by various technologies and sources, including conventional thermal power, renewable energy sources, and other innovative solutions. The India power EPC market involves a wide range of projects aimed at ensuring a reliable and efficient power supply to meet the growing energy demands of the nation.
Impact of COVID-19 on India Power EPC Market
COVID-19 pandemic adversely affected the India power EPC market. It disrupted supply chains, leading to delays in project execution and increased costs. Lockdowns and restrictions hampered labor availability, affecting construction activities. Financing challenges emerged as economic uncertainties prevailed. However, the crisis also accelerated the adoption of digital technologies and remote monitoring, enhancing project efficiency. The government introduced relief measures, such as deadline extensions, to mitigate the pandemic's impact. While the short-term challenges were significant, the long-term resilience of the India power EPC market was bolstered by adaptation to new norms and a focus on sustainable, technology-driven solutions.
India Power EPC Market – By Power Transmission and Distribution
Based on power transmission and distribution, the India power EPC market is bifurcated into Distribution Infrastructure and Transmission Infrastructure segments. The transmission infrastructure segment holds a higher share in the India power EPC market by power transmission and distribution. Notably, the government's "power for all" initiative has prioritized the enhancement of the transmission and distribution network to ensure electricity reaches more areas, stimulating growth in the transmission segment. As power generation capabilities are not evenly distributed across the country, there's a growing need for an integrated system planning approach in the transmission sector to efficiently manage and balance the distribution of electricity. These combined factors have propelled the transmission segment to a higher share in the India Power EPC market.
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Competitive Landscape
Major players operating in the India power EPC market include Bharat Heavy Electricals Limited (BHEL), Larsen & Toubro Limited, Tata Group, Sterlite Power Transmission Limited, Doosan Corporation, BGR Energy Systems Ltd, Alstom SA, Sterling and Wilson Solar Ltd, Reliance Infrastructure Ltd (Reliance Group), and MECON Limited. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Power EPC Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Power EPC Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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